What is the difference between a time-lock and a time-delay lock

A time-lock specifies a time period during which the lock cannot be opened (usually overnight) even if you have the proper key/code. This is generally used to prevent an authorised person from being forced to open a safe out of hours

A time-delay lock delays the opening of the lock after you have used the key or code, e.g. you must wait for a specified period of time before the safe will open. This is usually used to prevent a robbery as staff cannot be forced to opened the safe immediately